Alfonso Gómez, CEO of BBVA in Switzerland, reflects on how digital assets have gone from being a passing fad to a revolution that is transforming the financial system. From Bitcoin to tokenization, he makes the case for why it's time for the industry to take a leading role.
For years, many saw the crypto world as a fad, a curious experiment or even a bubble. But reality allows for no objective discussion: this technology has become too big for the traditional financial system to continue to ignore it.
The most emblematic case is Bitcoin (BTC), which in just 15 years has become one of the 10 most valuable assets in the world, only behind gold and competing with giants such as Amazon, Alphabet, Microsoft or Nvidia. In fact, it already exceeds companies such as Saudi Aramco or Meta Platforms in market capitalisation. Not only is it one of the most relevant assets, but it has been the fastest to reach $2 trillion in market value.
But is it a fad? The data give us other messages. The adoption curve follows a trajectory very similar to that of other transformative technologies such as the Internet, video games or radio, which were also underestimated in their early years. As Amara's Law demonstrates, humans tend to overestimate the impact of technology in the short term, but underestimate it in the long term.
In 1997, the Internet had around 100 million users. Today, that figure stands at more than 5.2 billion. Currently, the crypto world has about 600 million users, and this number is expected to grow exponentially, especially in emerging and disruptive economies seeking innovation and access to other digital assets, 24/7, which are more efficient and in many processes absolutely instantaneous.
Ethereum, meanwhile, has become the second-fastest platform in the world to reach $10 billion in revenue, cementing the value of its network beyond the purely speculative.
From institutional validation to the role of the financial system
Momentum is also coming from the big players in the financial world. The ETFs of cryptocurrencies have beaten records since their approval: in the first few months of 2024 alone, they received net inflows of more than $34 billion, and today they already own more than 1.1 million BTC. This represents unprecedented institutional validation.
The United States, the world's leading power, has definitely opened the doors to the crypto ecosystem, something that changes the global rules of the game. This calls for a necessary reflection: if we are heading towards a global digital environment, we will also need coherent and accessible international regulation for everyone.
Pension plans are gradually beginning to incorporate crypto, and large entities such as iShares, Fidelity, 21Shares, Grayscale, MicroStrategy, CoinShares, Galaxy Digital or Block One already incorporate BTC in their treasuries. Even some governments (the USA, China and the United Kingdom) maintain small Bitcoin reserves, which are symbolic, but with great strategic significance.
However, in the world of investment, only 1% of portfolios are exposed to crypto-assets, far from 27% allocated to real estate or 23% to equities. This suggests a broad growth margin as it is consolidated as a new asset class.
It is essential to understand that Bitcoin is being recognized as a reserve of value, comparable to gold, but with advantages specific to the digital world: divisible, transferable, scarce, verifiable and resistant. In other words, the “gold 2.0” for a digital era, where the new generations are 100% digital.
In this context, banks and financial institutions in the sector with relevance in asset management have a clear mission: to educate, train and accompany our customers. It is not only about adapting, but also leading a process that will make the financial system more efficient, accessible and democratized. Tokenization will allow real assets to be digitized, made more liquid and accessible to all. And this revolution will only be possible if we collaborate with regulators and industry's leading opinion leaders.